Customers at a branch of Bao Viet Life. (Photo: VNA)Hanoi (VNS/VNA) - Insurance companies enjoyed an increase in sales inthe first quarter of this year.
Bao Viet Holdings (BVH) has announced that its revenue increased by12 percent to 408 billion VND (17.4 million USD) in the period.
However, operating expenses soared by 286 percent to 104 billion VND, whichmade its profit after tax to drop by 9 percent compared to that of the firstquarter last year.
BVH's consolidated financial statements showed that insurance premium revenueincreased by 9 percent to 8.75 trillion VND.
In the first quarter which coincided with the COVID-19 pandemic, Bao VietInsurance Corporation, a subsidiary of BVH, applied a 20 percent discount onsome health insurance programmes.
Life insurance sector is contributed by Bao Viet Life with 225 billion VND inrevenue, up 16 percent year-on-year.
PetroVietnam Insurance Corporation (PVI), an enterprise operating in the fieldof non-life insurance, reported that its revenue in the first quarter grew by51 percent to 79 billion VND.
Vien DongInsurance Joint Stock Company reported its net revenue from insuranceincreased slightly by 2 percent to 541 billion VND, but after-tax profitdecreased by 32 percent to 10.7 billion VND.
Military Insurance Corporation (MIC) reported net revenue from insuranceincreased by 26 percent year-on-year to 499 billion VND.
However, the total cost of the insurance business increased 37 percent to 423billion VND, which led to a 5 percent decrease in profit in the first quarterto 28 billion VND./.
VNA
